HOUSING POLICY – AUSTRALIA

Albanese slaps down Greens over juvenile negative gearing demand

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 13-Feb-24

Prime Minister Anthony Albanese has ruled out making changes to the negative gearing regime and the capital gains tax discount in order to secure the Greens’ support for its Help To Buy shared equity scheme for first-home buyers. Albanese says the federal government will not be open to negotiation, and he has criticised the Greens’ "juvenile approach" to the issue of negative gearing. The government was previously forced to make concessions in 2023 to secure the Greens’ support for its Housing Australia Future Fund. The Opposition intends to vote against the shared equity scheme.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS

Greens vow to keep fighting on housing as party takes aim at Labor’s help to buy scheme

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Original article by Paul Karp
The Guardian Australia – Page: Online : 13-Sep-23

The federal government’s Housing Australia Future Fund bill will be put to a final vote in the Senate on Wednesday, after the Greens agreed to back it in return for additional funding for public and community housing. The minor party abandoned its push to include a rent cap and freeze in the bill, but Greens leader Adam Bandt says this is still on its agenda. The government’s shared equity scheme is likely to be the Greens’ next target in its bid to introduce a cap and freeze on rents.

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AUSTRALIAN GREENS

Developers scoff at 1.2m homes target

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Original article by Michael Bleby
The Australian Financial Review – Page: 1 & 8 : 13-Sep-23

Housing Minister Julie Collins has told a property summit that the federal government’s target of building 1.2 million new homes in five years is "ambitious but achievable". However, Western Australian property developer Nigel Satterley says that at best about 600,000 to 650,000 dwellings are likely to be completed within this time-frame, citing a labour supply shortage. Melbourne-based developer Tim Gurner agrees that the target will be difficult to achieve, noting that high costs and poor planning laws are also a challenge for the sector.

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Labor leaders aiming for national plan to boost renters’ rights

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Original article by David Crowe
Brisbane Times – Page: Online : 9-Aug-23

The upcoming national cabinet meeting in Brisbane will discuss a proposal to increase the rights of rental housing tenants. Prime Minister Anthony Albanese will put the national plan to state and territory leaders next week, although each jurisdiction would ultimately determine their own rules based on a broad framework. Albanase will also seek other options for addressing the housing crisis due to a stalemate with the Greens over the federal government’s Housing Australia Future Fund.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS

Lambie swings the vote on $10b housing fund

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 22-Mar-23

The federal government still hopes to pass its Housing Affordability Future Fund legislation before parliament rises next week. The prospects of getting the bill through the Senate have been boosted after the Jacqui Lambie Network flagged its potential support for the $10bn fund; however JLN senator Tammy Tyrrell says this will be conditional on a guarantee that some 1,200 of the HAFF’s 30,000 social and affordable rental homes will be built in Tasmania, the home state of both herself and party leader Jacqui Lambie. The government also requires the support of the Greens.

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JACQUI LAMBIE NETWORK, AUSTRALIAN GREENS

Freeze rents or we’ll block Labor housing bill: Greens

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Original article by Geoff Carmody
The Australian – Page: 4 : 5-Oct-22

Legislation to establish the federal government’s Housing Australia Future Fund will be put before parliament after the Budget is handed down on 25 October. Investment returns from the fund will be used to build 30,000 new social and affordable homes over the first five years. However, the Greens contend that this will not be sufficient to meet the nation’s housing needs, and will seek a number of concessions in return for their support. They include a commitment to building 275,000 new public and affordable homes over five years and imposing a nationwide rent freeze for two years.

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AUSTRALIAN GREENS

Affordability likely to stall for 40 years

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Original article by Jacob Greber
The Australian Financial Review – Page: 3 : 29-Aug-17

Housing affordability may not improve for another four decades, according to the Committee for Economic Development of Australia. Factors that may bring about an improvement include increases in capital gains tax and more supply of land for housing. The CEDA also expects the proportion of Australians living in capital cities to rise in coming decades, and notes that this may only serve to increase wealth inequality, while low-income workers will struggle to find accommodation in large cities. The CEDA notes that the housing market appears to be geared to producing homes at a lower rate than is needed, thereby contributing to higher prices and reduced affordability.

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COMMITTEE FOR ECONOMIC DEVELOPMENT OF AUSTRALIA

Housing supply ‘does not lower prices’

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Original article by Su-Lin Tan
The Australian Financial Review – Page: 32 : 24-Jul-17

House price and new home approval figures for 2016 seem to bear out the view of Joe Flood that boosting housing supply does not lead to lower prices. New home commencements rose by 14,000, but house prices showed no sign of falling, particularly in Sydney and Melbourne. Flood, who works for affordable home supplier Community Housing, says governments may need to develop a revised version of the National Rental Affordability Scheme, while curbs on housing finance and tax changes could also help the situation.

CORPORATES
COMMUNITY HOUSING LIMITED, CURTIN UNIVERSITY OF TECHNOLOGY, UNIVERSITY OF NEW SOUTH WALES

Offshore bank investors fret over housing: Elliott

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Original article by James Eyers
The Australian Financial Review – Page: 8 : 2-Jun-17

ANZ Bank CEO Shayne Elliott says UK investors with stakes in Australian banks are worried that recent regulatory changes to housing policy in Australia may lead to a market correction. Elliott, who was speaking at a G100 conference in Sydney, also said that comments by Federal Treasurer Scott Morrison that Australia’s large banks are "an oligopoly" were unhelpful, noting that there are other sectors in Australia that are just as concentrated as banking.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIA. DEPT OF THE TREASURY

Morrison targets cost of housing

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Original article by Laura Tingle
The Australian Financial Review – Page: 1 & 4 : 24-Oct-16

Federal Treasurer Scott Morrison notes that the proportion of Australians who own their home has fallen from 71 per cent to 67 per cent over the last two decades. However, he will argue in a speech on 24 October 2016 that housing supply is the main factor that is affecting housing affordability. He will also say that a range of other factors rather than the impact of property investors is affecting housing affordability. Morrison will also flag a push for greater co-operation with state governments to make more land available for residential development.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, COUNCIL ON FEDERAL FINANCIAL REGULATION, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT